WHAT WE DO
Key Escrow is here to provide all your escrow needs and ensure a smooth closing. Between the interests of the buyer, seller and the lender and all the liens, codes and appraisals in between, there is a lot going on when it comes time to execute the contracts. That’s why Key Escrow is the company you can trust to bring your transaction through the closing process. Our Experienced team of high-level escrow professionals can handle any number of complicated real estate transactions.
In residential sale escrow, the principals to the escrow, namely the buyer and the seller or property owner, cause a purchase contract to be signed and delivered to a neutral third party – the escrow company. Documents and funds are deposited with the escrow company or officer with specific instructions as to how they should be disbursed, thus allowing both parties to minimize their risk.
Commercial and Industrial transactions require trained and experienced senior escrow personnel due to their complexities. Issues can arise requiring expert level knowledge from title issues to multiple leases and deposits to compliance with municipalities’ regulations. Particularly for transactions involving a substantial investment, the buyer or seller should demand the protection of an escrow.
A Short Sale is a Real Estate Transaction where the sales price is not sufficient to payoff the existing loan(s) on the property and closing costs. In certain circumstances, the Seller can contact the bank/lender to negotiate a payoff amount which is less than the amount owed. A Short Sale occurs when the lender agrees to accept a lesser amount to payoff their loan with the understanding the Seller shall receive no proceeds from the sale of the property.
Refinancing is taking out a new mortgage for your home. The principals to the escrow – the lender and the borrower – create escrow instructions and entrust documents and funds to a third party, the escrow company and escrow officer. With this arrangement, the parties are assured that no funds will change hands until all of the instructions have been followed.
The purchase of a new home is very different from that of a previously owned home. Customarily the Builder of your home has usually contracted with an escrow company that they trust to handle the processing and close of escrow for each of their buyers.
REAL ESTATE-OWNED [R.E.O.]
R.E.O. involves the acquisition of property which is in the possession of a lender as a result of foreclosure or forfeiture. This is when homeowners must turn the property over to the Lender because they are unable to meet the mortgage. Usually, when buyers plan to purchase an R.E.O. (or foreclosed) property, they incur special challenges such as tighter time-lines and rigorous policies.
At Key Escrow, our first-class team of experts are here to provide you the highest level of customer service. And as a neutral third-party, you can depend on our escrow professionals to work for both sides of the transaction with the utmost integrity, maintaining the strictest confidentiality while wrapping everything up in a timely manner.